Cyclescheme - something that's bugging me...

"Who owns the bicycle?"The bike and equipment remain the property of the employer throughout the hire period.

"Who is responsible for maintaining the bicycle?"It is the employee’s responsibility to maintain the bike.

Fair enough - but how come I have to pay for replacement parts?
Brake blocks, tyres etc. Who owns the replacements?
If it was a car owned by the company they'd pay for all spares and replacement parts wouldn't they? So why's it different with a bike?

Too much deliberate ambiguity in the whole scheme - it's time it was put out of its misery and the govt did something useful like dropped the VAT from bikes and exercise equipment.

Exactly what I've been saying every time this comes up. Lose the VAT on the first £1000 of any bike and it's then a benefit open to all. And the most ridiculous thing of all with the present system is that it gives the greatest benefit to higher rate tax payers.

different if it had just sat in the shed all its year like most of the bikes bought.

ill be surprised if it even lasts the year.... keep riding into cars

also in my contract thats signed by me AND the company. it states "if you leave the company within the lease period the total payable in full for the bike will total no more than that of the 12 equal payments agreed to come from your salary"

which contradicts what is said on the cycle scheme website - so its printed out and highlighted and in my folder at home

These schemes have always had some fundamental flaws TBH, who pays for shagged brake pads is the least of them...

composite - Member
How it works in relation to some car scheme is irrelevant. This is how this scheme works, either get on board and enjoy what basically equates to free finance or don't.

That’s basically it really, do some proper sums, look at how the whole scheme stacks up against financing your own bike purchase by other means.
Factor in the likely end of hire term purchase cost,
consider the convenience of filling out a couple of forms (online?) and getting a voucher Vs applying for a credit card/finance or saving up to buy the bike, and make your own judgement...

But no you don’t own the bike until the hire period is over, and a final transfer of ownership fee has been paid, that hire period and the final fee can vary from scheme to scheme...

Don't get all the fuss with cycle scheme. Get a bike (in my case spent about 2k) payed 80quid for 11 months, then made A final payment of 130 to lease the bike for the next 3 years, at which point I will own the bike

Wife did the same, (much lesser value) and sold it after 18 months!! Even though it is really on lease still :-/ and has now got another better bike through same scheme

that's only the way that cyclescheme implement things. Remember, cyclescheme are a PROFIT MAKING COMPANY who offer a way to implement the government "cycle to work" scheme that allows employers to lease bukes to you. WHich brings me to the second point...

It's NOT hire purchase or interest free purchasing. It's NOT your bike, it belongs to the company, and they don't have to sell it to you. Moreover, if they tell you in advance how much you'll be charged to "buy" it at the end, then it becomes HP and thus is ineligible for Tax Relief, so negating one of the few remaining benefits of the scheme